Vienna-listed Immofinanz Group is acquiring the remaining 49% of the prime Warsaw office property Equator and the adjoining office development project Nimbus from the group’s former development partner, Austrian developer Karimpol.
In exchange, Karimpol will take 51% of the adjacent Cirrus development project from Immofinanz and become the sole owner. No financial details were disclosed.
The Equator, Nimbus and Cirrus development projects were part of a joint venture set up in 2006. The Equator office block was completed in 2008; it has over 19,100 m² of rentable space and is fully occupied.
The Nimbus development project is at an advanced planning stage. Plans call for the construction of a high-quality office building with some 20,000 m² at this site. Construction is scheduled to start next year.
